Regal Beloit 1Q sales, earnings slip

Regal Beloit Corp. announced after markets closed Tuesday that net sales and earnings per share slipped in the first quarter because of mixed results in its end markets.

The Beloit-based manufacturer of electric motors, mechanical and electrical motion controls and power generation products, said net sales for the quarter declined to $778.2 million from $807.9 million. Net income increased slightly to $50.7 million from $49.90 million, but earnings per share dropped to $1.09 from $1.16, reflecting higher share count.

Mark Gliebe, chairman and CEO of Regal Beloit (NYSE: RBC), said the U.S. residential market grew in line with expectations, but the U.S. commercial and industrial markets did not perform as well as expected earlier in the year.